HM Treasury

ECOFIN: 27 January 2015

Lord Deighton: My right honourable friend the Chancellor of the Exchequer(George Osborne) has today made the following Written Ministerial Statement. A meeting of the Economic and Financial Affairs Council was held in Brussels on 27 January 2015. Ministers discussed the following items:  Investment Plan for Europe The Commission presented a proposal on the establishment of a European Fund for Strategic Investments, a key element of the Investment Plan for Europe.   Current Legislative Proposals The Council took note of ongoing work on financial services dossiers.   Presentation of the Presidency Work Programme The new Latvian Presidency presented a work programme on economic and financial matters for the duration of its term, which runs from January to June 2015.   Presentation of the Commission Work Programme The Commission presented its Work Programme for 2015, focusing on the economic and financial agenda.   Economic Governance The Council discussed two communications from the Commission dealing with the EU’s fiscal and economic rules.   Preparation of the G20 Meeting of Finance Ministers and Governors on 9-10 February 2015 in Istanbul The Council endorsed EU terms of reference for a meeting of G20 finance ministers and central bank governors in Istanbul on 8 – 9 February. 


This statement has also been made in the House of Commons: 
HCWS277

Department for Work and Pensions

Automatic transfers: A framework for consolidating pension savings

Lord Freud: My Right Honourable Friend The Minister for Pensions (Steve Webb MP) has made the following Written Statement.Later today I intend to publish an update paper entitled Automatic transfers: A framework for consolidating pension savings. This paper sets out the progress we have made in designing a model for automatically transferring a worker’s small pension pots when they change employment. Automatic enrolment is helping people to save for retirement, but we must help them to keep track of their pension savings. We don’t want members to end up with more dormant pots, but we expect 50 million dormant pots by 2050 if nothing is done. This is the rationale behind the system of automatic transfer of small pension pots into the new employer’s scheme when a member changes employment, which was outlined in the Pensions Act 2014. To ensure this system is workable for both industry and members, we need a practical implementation model. The update paper is the culmination of work that has taken place since the Act with a wide section of the pensions industry to analyse different options and create a safe and efficient model that works in the interest of workers saving for their future. As outlined in the paper, it is my aim that automatic transfers will first apply to a limited number of schemes, but will still cover the vast majority of members. This first stage will introduce automatic matching of an individual’s small pots. The individual will then be contacted to confirm if they want these pots to be moved to their new scheme. With minimal change the system will then transition to the opt-out model. The transfer of dormant pensions will then take place unless the member decides not to make the transfer. I want to introduce the automatic transfer of pots as soon as possible, while also giving sufficient time for the industry to develop the new systems required. My goal is for the initial phase of automatic pot-matching to be in place by Autumn 2016.  The document will be available at www.gov.uk/


This statement has also been made in the House of Commons: 
HCWS275

Ministry of Defence

Ministry of Defence Votes A Annual Estimate 2015–16

Lord Astor of Hever: My right hon. Friend the Secretary of State for Defence (Mr Michael Fallon) has made the following Written Ministerial Statement.The Ministry of Defence Votes A Estimate 2015-16, will be laid before the House today as HC 1054. This outlines the maximum numbers of personnel to be maintained for each Service in the Armed Forces during Financial Year 2015-16.

Department for Environment, Food and Rural Affairs

Investment in the Food and Environment Research Agency

Lord De Mauley: My Right Hon Friend the Secretary of State (Elizabeth Truss) has today made the following statement.I am announcing today £14.5 million of new investment in the Food and Environment Research Agency through a joint venture with Capita and Newcastle University. This is part of Defra’s ambitious science programme and recognition of the importance of cutting-edge research. The joint venture will expand the agency’s world-leading scientific capability and strengthen its role in food safety research. It will enable Fera to play an even greater role in helping to drive growth in our £100 billion agri-food industry.The investment builds upon the £2.7 million already committed by the Local Enterprise Partnership (LEP) to Defra’s National Agri-Food Innovation Campus York, where Fera is based. It represents a strong commitment to the regional economy and to the LEP’s priority area of agri-food business.Fera has a significant presence in the agri-food market where it is already recognised as an internationally respected scientific organisation. As the joint venture partner, Capita, will bring valuable commercial expertise and experience enabling Fera to maximise its capabilities. The venture also includes the creation of a joint academic institute with Newcastle University aimed at advancing the understanding and application of science to practical agri-food problems.In bringing together the public sector, private sector and academia, the joint venture allows Fera to build on its reputation as an international centre of excellence and provide the invaluable scientific services that Defra and wider Government will continue to require in the future.It is intended that the new joint venture will commence operating on 1 April 2015.


This statement has also been made in the House of Commons: 
HCWS276